Westpac personal loans

3.5
Based on 912 Westpac personal loan product reviews.
Fact Checked

Westpac is one of four major banking organisations in Australia known as the ‘Big Four’, and says it’s Australia’s first bank and oldest company.

Established in 1817 as the Bank of New South Wales, the company changed its name to Westpac Banking Corporation in 1982. It has around 13 million customers and an annual profit of about $7.2 billion (2023). 

Similar to the other major banks in Australia, Westpac provides customers with a wide range of personal finance products, including home loans, bank and savings accounts, credit cards and personal loans. It offers both fixed and variable unsecured personal loans.

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Editor’s review: Westpac Flexi Loan (Unsecured Personal Loan, Variable)

Flexi Loan

Interest rate from
16.99 % p.a.
Comparison rate from
n/a % p.a.
Upfront fee
$150
Link not supplied
  • Borrow between $4,000 and $50,000

  • Competitive interest rates starting at 7.99% p.a.

  • Additional repayments allowed without fees

  • $250 loan establishment fee

  • Prepayment fee of $175*

  • $12 monthly service fee

Our verdict

Westpac’s Flexi Loan (Unsecured, Variable) offers borrowers between $5,000 and $50,000 over 1 to 7 year terms, with competitive interest rates starting from 7.99% p.a. up to and 20.49% p.a.^ This rate range is similar to those of the other Big Four banks.

Ultimately the rate you are offered is based on your personal circumstances, including your income, assets, debts, expenses and credit history. So you could pick up a rate at the lower end should you meet the bank’s criteria. Westpac can also provide a quote on your rate in under 5 minutes without impacting your credit score.

You can also enjoy the flexibility of weekly, fortnightly or monthly repayments, and there are no penalties when you make early repayments, which is always welcome. 

Overall this personal loan offers competitive rates and features, though has a significant application fee of $250 and a monthly fee of $12, which is higher than some loans out there. Westpac also charges a $15 missed payment fee, another charge to be mindful of. 

*Also worth noting if you choose a term greater than 2 years and pay it off in less than 2 years, a prepayment fee of $175 will be charged. (This fee is waived if you pay out your personal loan by refinancing to another Westpac personal loan).

^This equates to comparison rates from 9.18% p.a. to 21.61% p.a., based on $30,000 over 5 years.

Where to get it: Apply with Westpac online, over the phone or in person at a branch.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more personal loans here.
Last updated 30 October 2024 Important disclosures and comparison rate warning*

Westpac personal loans

  • Personal Loan

    • Fixed, Unsecured
    Interest rate from
    7.99 % p.a.
    to
    20.49 % p.a.
    Comparison rate from
    9.18 % p.a.
    to
    21.61 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $250
    Link not supplied

  • Car Loan

    • Fixed, Secured
    Interest rate from
    6.49 % p.a.
    to
    12.99 % p.a.
    Comparison rate from
    7.69 % p.a.
    to
    14.14 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $250
    Link not supplied

  • Hybrid or Electric Car Loan

    Interest rate from
    5.99 % p.a.
    Comparison rate from
    7.20 % p.a.
    Based on $30,000 over 5 years
    Upfront fee
    $250
    Link not supplied

  • Flexi Loan

    Interest rate from
    16.99 % p.a.
    Comparison rate from
    n/a % p.a.
    Upfront fee
    $150
    Link not supplied

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Westpac personal loan ratings

Overall customer rating for Westpac personal loans

3.5
Based on 912 product reviews.

Customer reviews

Important disclosures

Westpac products

Personal loan quick links


* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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